Integrated Payment Systems and Biometric Authentication Technology
Welcome to our 3-part blog series on how biometrics can drive brand differentiation. In this first post, David Orme, SVP Sales and Marketing at IDEX Biometrics delves into integrated payment systems.
Biometric authentication serves as a valuable addition to integrated payment systems.
Integrated payment systems ease the burden of businesses regarding paperwork, business tracking, and at tax time. How can biometric authentication further improve upon integrated payment systems?
The most obvious improvement of integrated biometric authentication technology is the improved security level it brings to a transaction. When biometric data is included in the payment process, the entire process becomes more secure. This is due to the unique nature of biometric identifiers. In addition to their uniqueness, biometric data is difficult to replicate. This makes it much less likely to be hacked or stolen.
Biometric data is quickly becoming the main trend for truly securing sensitive information of all types, and especially financial information. Identity theft is a key concern of many consumers, and any technology that can help alleviate that concern or eliminate it altogether is one to consider.
Integrated payment systems that make use of biometric authentication rather than passwords, pins, or other security measures are able to complete transactions much more quickly than their analog counterparts. The ease of which biometric data can be integrated into the payment process makes it a logical choice from a business standpoint, and it is a highly desired security measure from the consumer standpoint. Improving efficiency in a process is always a great goal for a business to have, and is one that customers appreciate.
Greater Return on Investment
Customer happiness yields its own return on investment. Smooth transactional experiences help to build brand loyalty and create repeat customers. Integrating highly functional and easy to use payment systems that make use of biometric authentication technology allows businesses to reap a phenomenal return on their investment in the technology through building this customer loyalty. Easing the process for both the business and the consumer means that both benefit from the service.
Biometric fingerprint sensors are becoming more accurate over time. Larger sensors allow for more data to be captured, creating a truly unique identifier that is personal to the consumer. These sensors provide a significant return on investment by reducing the risk of fraud or loosely secured data.
Identify Unique Selling Points
Utilization of biometric data can allow businesses to identify trends and capitalize on those trends without compromising the security or information of their consumers. This ability provides an additional benefit to the business and can have a profound impact on their continued success and growth. Ensuring that consumer data is secure and not storing private or sensitive information are key pieces of the data integration puzzle that must be observed, or this strategy can backfire.
With the ease of use, the low cost of integration into existing systems and the ability for sensors that capture accurate and unique data to protect both the business and the consumer from fraudulent activity, the use of biometric authentication technology with payment processing is a smart move to make.